Question

$834 at 7.25% for 1 1/2years

Answer 1

You deposit some money into a bank account paying 2% simple interest per 6 months. You received $15 in interest after 9 months. How much the deposit (principal) was?
Result:
The principal was $500.
Explanation:
STEP 1: Convert interest rate of 2% per 6 months into rate per year.
STEP 2: Convert 9 months into years.

STEP 3: Find principal by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.
In this example I = $15, i = 4% and t = 0.75 years, so

Answer 2

If it is simple interest it’s 924.70